Tag: Vikram Pandit

Barofsky on Pandit and Obama Failures: Part 1

Cross posted from The Stars Hollow Gazette

In a web exclusive interview, Neil Barofsky, the former Special Inspector General for the U.S. Troubled Asset Relief Program (TARP), talks with Bill Moyers about the resignation of Citibank CEO, Vikram Pandit and his disappointment with President Barack Obama’s choice to protect the big banks instead of regulating them.

“I think that you have to view [Pandit’s] career through that prism of being one of the worst-performing of a group of bad banks. To receive all that money and really to accomplish what he accomplished was mostly because of taxpayer generosity and the incredible political connections that Citigroup had in Washington. And basically cashing out those connections,” Barofsky tells Bill. [..]

“I thought that if there was ever going to be a political figure that would take on the interests of Wall Street, it was going to be President Obama. And that just didn’t happen,” Barofsky says. “It was the exact opposite of that… He had the same ideology as Secretary Geithner and, frankly, the same ideology as a lot of those people who came from Wall Street.””

This is the first of two parts and focuses on Mr. Pandit’s sudden departure.